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Utility’s Sale Could Lower Power Bills

(Las Vegas, NV) — NV Energy electricity customers could benefit from cost savings when the Nevada utility is sold to billionaire Warren Buffett.

His company, Midamerican Energy, has filed its official application with the state Public Utilities Commission to purchase NV Energy. Midamerican is owned by Buffet’s Berkshire Hathaway Inc., which plans to pay $23.75 per share of stock.

Officials estimate the sale could mean $30 million in annual cost savings, and that could translate into lower power bills for customers.

The NV Energy board of directors has approved the purchase, but the shareholders must still vote.

The PUC has tentatively set dec. 2 for a hearing on the application

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